95 and 99 Wall Street
95 Wall Street: 500,000 square feet
99 Wall Street: 100,000 square feet Type: Office Date Acquired: September 1998 Date Sold: September 1999
In January 1998 we simultaneously purchased 95 and 99 Wall Street, which together comprised a square block in the heart of Manhattan’s Financial District. At the time of acquisition, 95 Wall Street was net leased to Chase Manhattan Bank and 99 Wall Street was home to multiple smaller tenants. Our team created value by acquiring the purchase option held by Chase, and continuing to operate and manage 99 Wall Street as a multi-tenant building. A focus of the redevelopment efforts was bringing 99 Wall Street up to code and dealing with difficult life safety issues. The combination of the purchase option acquisition and the revitalization of the smaller property made the two buildings an attractive parcel for future development. Within a year we sold the properties as a package.